What to watch out for when buying homes in Las Vegas


LAS VEGAS (KTNV) – The Las Vegas real estate market is once again breaking new records!

According to Las Vegas Realtors, the median home price is now over $ 406,000. This breaks the previous all-time record set in July.

House prices continue to break records, rental prices are rising, investor activity is on the rise and supply remains low. Despite all of this, Las Vegas realtors believe we may see the hot real estate market cool down over the next few months.

RELATED: Housing Prices Stabilize In Las Vegas, Sets Another Record In September 2021

LVR chairman Aldo Martinez said the housing market generally changes with the seasons, peaking in summer and slowing down in fall and winter. The pandemic disrupted this pattern last year.

This year, he says prices continue to rise, but it’s slower than in previous months, suggesting we may follow the national stabilization trend.

The local housing supply is still low, but Martinez at least says it has stopped declining.

September marks the 8th consecutive month with more homes available than the previous month.

Erik Bildman is vice president of Sundae, a marketplace for sellers of distressed or dated homes. or salespeople who don’t want to bother with the inconvenience of visits or repairs. He says it’s still a sellers market, but you have to be careful with investors who might be trying to take advantage of it.

“Of all the transactions going on in Las Vegas right now in terms of home sales, 30% of these are in cash. This is one of the highest percentages in the country. This means that there are a lot of investors and wholesalers who make their money by paying the seller as little as possible, ”Bildman said.

Bildman says if you’re the seller, take a good look at the contract. If it’s a transferable contract, they can just sign the contract and sell it immediately for a big markup.

Bildman says an investor can get the property under contract as well, and then once you’re hooked, they renegotiate a lower price, blaming them for the repairs.

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